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第六章 結論與建議
第一節 研究結論
本研究發現不論以過去之併購績效或是併購案件數來衡量併購動能，當主併 公司於併購動能之下宣告併購，主併公司之短期併購績效並不受影響，而長期併 購績效則顯著反轉，此長期反轉的結果與Rosen, R.J. (2006)的結果相符，再次說 明了在本研究之研究期間內，選擇於併購動能之下宣告併購，長期之下市場對於 主併公司的反應將轉為負面。對主併公司而言的經濟意涵為，若當市場存在併購 動能時，追隨市場趨勢進行併購並不一定對公司的股價有正面影響，因長期而言，
市場對其主併公司的反應可能反轉。
另外，本文亦發現採用現金支付對於併購動能下主併公司之併購績效的影響 僅限於短期，而主併公司過去成功的經驗則與併購績效無關。不過，主併公司為 成長型公司，對在併購動能當中宣告併購的公司來說，是一影響其短期與長期併 購績效的重要因素。雖然市場上一般對於成長型主併公司的併購給予負面的反應，
認為其股價遭高估，然而在併購動能之下，若主併公司為成長型公司，反而會對 併購績效有明顯的正向間接效果。到了長期，該正向間接效果甚至將抵銷負向的 直接效果。此結論與新古典理論較為相符，認為經理人基於股東財富最大化的理 念，只會進行優良的併購案，於是併購績效較佳，長期亦不會產生反轉。因此，
在併購動能之中，成長型主併公司將有較佳的併購績效表現，該公司特性為關鍵 因素，特別是對長期的併購績效來說。
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第二節 研究限制與建議
一、 本文雖發現若以併購績效以及併購案件數來衡量併購動能，不同的衡量
方式之下其短期與長期併購績效來說並無差別，然而這可能代表著有更好的衡量 方式，將會對併購績效有顯著影響。本研究建議可以市場的併購交易量做為另一 種衡量方式，或者投資人的樂觀程度等等。
二、 主併公司過去之成功經驗，在本研究中並未被發現與併購績效有直接或
間接的關係，然而這可能代表該變數與併購績效無關，但也可能代表著存在 其他的影響管道，而非透過併購動能的因素來影響。
三、 本研究係針對併購後取得被併公司 100%股權之併購案為研究樣本，並 未探討到併購比例之影響，或是可能因此而忽略了一些併購比例亦相當高、
接近 100%之樣本，故可將併購後取得股權之百分比納入模型中，研究是否會 有所差異。
四、 本文僅採用三個變數來討論併購動能之下，探討影響其併購績效的關鍵
因素為何，然而僅發現成長型主併公司為關鍵因素，建議將其他變數納入考 慮，討論是否尚有其他關鍵因素存在。
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